Quebec has Canada’s lowest rent
December 10, 2018
Canada’s rental vacancy rate has fallen to a near 10-year low and rents are increasing faster than inflation, according to the Canada Mortgage and Housing Corp. (CMHC) annual Rental Housing Market Survey, released in November.
The national vacancy rate is now 2.4 per cent, the lowest since 2009, CMHC reports. The average rent for a two-bedroom apartment rose by 3.5 per cent from October 2017 to October 2018, faster than the inflation rate.
Among purpose-built rentals, Vancouver had the highest rent for a two-bedroom unit at an average $1,649 a month.
CMHC reports all three cities with the lowest rents were in Quebec. The average two-bedroom unit falls between $740 to $840 a month in Quebec City ($839), Montreal ($809) and Gatineau ($749).
Purpose-built rentals are significantly cheaper than condo apartments available for rent. In larger urban centres, renting a two-bedroom unit costs $1,083 a month on average in purpose-built rentals, compared to $1,515 for condos.
Toronto that tops the chart for most expensive condo rents, with a two-bedroom apartment going for $2,393 a month on average, followed by Vancouver ($2,034) and Victoria ($1,665).
The cheapest condo rents CMHC found were in Saskatoon ($1,200), Quebec City ($1,071) and Gatineau ($1,014).